By Rebecca Melvin
New York, Jan. 4 – Hong Kong’s Swire Properties Ltd. priced $500 million of 3˝% 10-year green bonds (expected ratings: A2//A), according to a news release on Thursday.
BofA Merrill Lynch and HSBC were the joint bookrunners of the new issue, which is the company’s first green bond and is being made under its $4 billion medium-term note program.
Proceeds will be used to fund or refinance the company’s new or existing green projects that relate to green building development, energy efficiency, renewable energy, sustainable water and wastewater management, or climate change adaptation.
The bonds are expected to be listed on the Hong Kong Stock Exchange.
Swire Properties is a Hong Kong-based commercial property developer.
Issuer: | Swire Properties Ltd.
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Issue: | Green bonds
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Amount: | $500 million
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Maturity: | Jan. 10, 2028
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Bookrunners: | BofA Merrill Lynch and HSBC
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Coupon: | 3˝%
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Pricing date: | Jan. 3
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Settlement date: | Jan. 10
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Expected ratings: | Moody’s: A2
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| Fitch: A
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